Discounted Cash Flow (DCF) Analysis Unlevered

MedinCell S.A. (MEDCL.PA)

5.7 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -94.69 | 5.7 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.441.442.858.194.095.707.9311.0515.3821.42
Revenue (%)
EBITDA -6.71-16.81-18.07-15.41-21.45-29.80-41.49-57.79-80.47-112.07
EBITDA (%)
EBIT -7.36-17.59-19.33-16.75-22.96-31.63-44.06-61.35-85.44-118.99
EBIT (%)
Depreciation 0.660.781.261.341.521.842.563.574.976.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 9.5122.0312.7250.5926.5938.6053.7674.86104.25145.19
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1.320.300.591.680.841.171.632.273.164.40
Inventories (%)
Accounts Payable 2.441.643.162.962.984.235.898.2111.4315.92
Accounts Payable (%)
Capital Expenditure -1.19-0.75-0.92-0.82-1.97-1.84-2.56-3.56-4.96-6.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.7
Beta 1.050
Diluted Shares Outstanding 20.11
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.717
Total Debt 47.49
Total Equity 114.63
Total Capital 162.12
Debt Weighting 29.29
Equity Weighting 70.71
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.441.442.858.194.095.707.9311.0515.3821.42
EBITDA -6.71-16.81-18.07-15.41-21.45-29.80-41.49-57.79-80.47-112.07
EBIT -7.36-17.59-19.33-16.75-22.96-31.63-44.06-61.35-85.44-118.99
Tax Rate -3.86%0.12%-11.53%0.00%0.00%-3.06%-3.06%-3.06%-3.06%-3.06%
EBIAT -7.65-17.57-21.56-16.75-22.96-32.60-45.40-63.23-88.05-122.62
Depreciation 0.660.781.261.341.521.842.563.574.976.92
Accounts Receivable ----------
Inventories -1.02-0.29-1.090.84-0.33-0.46-0.64-0.89-1.24
Accounts Payable --0.801.51-0.200.031.251.662.313.224.49
Capital Expenditure -1.19-0.75-0.92-0.82-1.97-1.84-2.56-3.56-4.96-6.91
UFCF -8.18-17.32-20-17.53-22.55-31.68-44.20-61.55-85.71-119.37
WACC
PV UFCF -29.52-38.39-49.82-64.66-83.92
SUM PV UFCF -266.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.30
Free cash flow (t + 1) -121.75
Terminal Value -2,297.26
Present Value of Terminal Value -1,615.15

Intrinsic Value

Enterprise Value -1,881.47
Net Debt 22.88
Equity Value -1,904.34
Shares Outstanding 20.11
Equity Value Per Share -94.69